Movement of capital in the Caribbean relies heavily on foreign correspondent banks and USD liquidity in the region. This makes cross-border payments expensive, slow, and banks in the region susceptible to de-risking. The region’s lack of financial connectivity limits the development of the CARICOM Caribbean Single Market and Economy (CSME), creating significant barriers for intra-regional trade which only accounts for 10% of CARICOM’s total trade, compared with the European Union, where intra-regional trade accounts for as much as 68%.
Complementary Currencies have proven that they are a good instrument to tackle such situations in different parts of the world. They create liquidity and foster sustainable development through incentivising the growth of regional business networks. It is proposed that the Carib$, an asset-backed Complementary Currency that maintains a stable value, is introduced into the region. It will be fully convertible to the region’s national currencies and thus integrate into the existing financial system. Carib$ will be governed by a network of public and private-sector stakeholders, who are committed to the Caribbean’s sustainable development. It will foster cross-border trade and facilitate peer-to-peer payments.
You're invited to attend this webinar exploring the potential for a complementary currency for the Caribbean, hosted by the Caribbean Telecommunications Union, CaribCoin and Abed Ventures, on Wednesday 7th June 2023 from 10:00 a.m. to 12:00 p.m, AST (Barbados time).
Purpose and Objectives of Webinar
The purpose of this webinar is to highlight the utility of a Complementary Currency in resolving the Caribbean’s cross-border settlement challenges. The objectives of this webinar include to:
- Outline the financially disconnected landscape of the Caribbean, explaining the root causes and consequences of this problem at both the macro and micro levels.
- Explore the relevance of complementary currencies, including their use cases, benefits and utility for the Caribbean.
- Present the Carib$ concept to the business community and political sphere as a viable and effective solution for conducting cross-border transactions across the Caribbean.and fostering the CSME.
Format and Outline of Webinar
The webinar will take the form of presentations on Complementary Currencies and their potential for regional development followed by a panel discussion and will be held via the CTU’s Zoom Webinar platform on Wednesday 7th June2023 from 10:00 a.m. to 12:00 p.m. (Barbados time)
Proposed Target Audience
This webinar seeks to attract:
- Politicians responsible for developing the framework of CARICOM
- CARICOM business community (especially those interested in or currently trading)
- Business support organisations (including various chambers of commerce and associations)
- Financial Community (notably payment service providers, regulators, central banks)
The webinar is hosted by the Caribbean Telecommunications Union, CaribCoin and Abed Ventures on Wednesday 7th June 2023 from 10:00 a.m. to 12:00 p.m, AST (Barbados time).
Read more about Complementary Currencies and the potential for the Caribbean in our Business Barbados feature, Complementary Currencies for the Caribbean?, penned by Chelcee Brathwaite and Dr Jan Schröder.